US stocks hit new highs, loving signs that Donald Trump will strike a trade deal with Xi Jinping later this week. Gold slumps below US$4,000/oz as the shine comes off its safe haven status.
In our Deep-Dive interview, ANZ’s Head of G3 Economics, Brian Martin, digs into why 200 basis points of easing by the European Central Bank isn’t getting much traction with consumers and businesses.
5 things to know in 5 minutes:
US stocks rallied overnight to fresh record highs on comments from US officials and Donald Trump that a trade deal was likely when Trump meets Xi Jinping on Thursday, says ANZ’s Head of G3 Economics Brian Martin.
Reserve Bank of Australia Governor Michele Bullock said last night she expected trimmed mean inflation in Q3 of about 0.6%. That’s below ANZ’s forecast for about 0.9%, says ANZ’s Head of Australian Economics Adam Boyton.
Adam says Bullock also said the labour market was still a little tight. Combined with the inflation view, Adam says a 0.9% print tomorrow makes a November rate cut unlikely.
Thailand’s exports grew a much-stronger-than-expected 19% in September from a year ago. But ANZ Economist Krystal Tan noted net export growth hadn’t been as firm because of high imports as well.
South Korean GDP data later today is expected to rebound 0.9% rebound in the quarter for annual growth of 1.4%. Krystal says construction remains sluggish and she expects an easing back of growth in the current fourth quarter.
Cheers,
Bernard.
PS: Catch you tomorrow with the results from South Korean GDP.
